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First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, has raised $750 million through its five-year floating rate Formosa bond that saw its price unchanged from final guidance at SOFR +75bps, paid quarterly in arrear, with a reoffer price set at par.
The Regulation S senior unsecured issuance has an expected rating of Aa3 (Moody’s), in line with the issuer’s own Aa3/AA–/AA– ratings.
Crédit Agricole Corporate and Investment Bank, Taipei Branch, KGI Securities Co. Ltd. and Standard Chartered Bank (Taiwan) Limited are the joint lead managers on the deal, with Standard Chartered Bank (Taiwan) Limited also the billing and delivery bank. FAB is named structuring agent.
The Formosa bond will list on the Taipei Exchange and London Stock Exchange.
The latest issuance is FAB’s second debt market tap of the year, with the lender raising $750 million through a five-year Eurobond in January at a fixed coupon of 4.299%.
(Writing by Bindu Rai, editing by Daniel Luiz)
